Calculate the p-value of the test

Assignment Help Accounting Basics
Reference no: EM132824814

Question - Western Australia is a state that occupies the western 32.9% of the land area in Australia, excluding the external territories. It is estimated to have about 2.6 million inhabitants. The state is very cautious in protecting its residents from the transmission of the Covid-19 infection. Hence, it imposed a tough regulation to close its borders from other states which had recorded an increased number in Covid-19 infection. The residents however have mixed reactions to the regulation. Some were supportive to the regulation. Others argue that opening the state border should be made a priority to boost the economy. A survey on the matter is conducted over 3,000 randomly selected residents where they are asked to cast their vote ('SUPPORT' or 'NOT SUPPORT' on the decision to remain in closing the border). 1,680 respondents stated 'SUPPORT' for the state to remain closed.

a) Suppose you were a data analyst working for the State Office of Statistics. Assist the office in performing a hypothesis test at the 5% level of significance to infer whether more than 55% of Western Australian residents support for the state border to remain closed. Display the six-steps process (involving drawing the rejection region/s and determining the critical value/s for the decision rule) in performing the test.

b) Specify the decision rule to use in the p-value method hypothesis testing. Calculate the p-value of the test above. Display working.

c) Which one of these two types of error (i.e Type I or Type II) you could make with the conclusion you made in part a)? Briefly explain the reasoning for your selection.

d) What is the required condition for ensuring that the sampling distribution of the sample proportion is approximately normally distributed? Check if the condition is satisfied in the hypothesis testing that you just completed.

Reference no: EM132824814

Questions Cloud

Does anyone else at school need to be involved in solution : Does anyone else at the school need to be involved in the solution? Where is the power leverage in the school to reach the preferred solution?
Journal entries using the area of interest method : Journal entries using the area of interest method for 2018, 2019, and 2020. Calculations should be rounded to the nearest dollar
Explain what is the impact on gamestop financial statements : We establish a liability upon the issuance of merchandise credits and the sale of gift cards, what is the impact on Gamestop's financial statements?
What are the seven steps to establishing an agreement : What are the seven steps to establishing an agreement in the chosen organization to conduct the planning process in a systematic way.
Calculate the p-value of the test : Specify the decision rule to use in the p-value method hypothesis testing. Calculate the p-value of the test above. Display working
What do we mean by potential appraisal : What do we mean by potential appraisal? Explain the process of performance appraisal in the micro financial institutions
Which is a good example of a preventive control : Which is a good example of a preventive control? Such a confirmation process is designed to test management's assertions of?
Reference of the appropriate theory and justification : Followers' readiness is an important situational factor for effective leadership. Suppose a manager is heading a sales department of a pharmaceutical company
Pursues differentiation strategy : Identify two companies, one that you believe pursues a lowest-cost strategy and another that pursues a differentiation strategy.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd